Targa Resources, Inc. (NYSE:TRGP) was downgraded by investment analysts at Goldman Sachs Group, Inc. (The) from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, October 17th, MarketBeat reports. They currently have a $53.00 price target on the pipeline company’s stock. Goldman Sachs Group, Inc. (The)’s target price indicates a potential upside of 30.25% from the stock’s current price.
A number of other research analysts have also issued reports on TRGP. UBS AG reissued a “buy” rating and issued a $59.00 target price (down previously from $62.00) on shares of Targa Resources in a report on Thursday, June 22nd. Jefferies Group LLC lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Monday, October 16th. Guggenheim raised Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday, August 14th. BidaskClub lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, BMO Capital Markets set a $51.00 price objective on Targa Resources and gave the stock a “hold” rating in a report on Tuesday, August 15th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $54.67.
Shares of Targa Resources (NYSE TRGP) opened at 40.69 on Tuesday. Targa Resources has a 52 week low of $39.59 and a 52 week high of $61.83. The firm’s market cap is $8.77 billion. The stock’s 50 day moving average is $46.41 and its 200-day moving average is $47.22.
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In other news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total value of $93,870.00. Following the sale, the insider now directly owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.93% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shine Investment Advisory Services Inc. purchased a new position in Targa Resources during the second quarter worth about $105,000. Bollard Group LLC lifted its position in Targa Resources by 1.1% during the second quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock worth $114,000 after buying an additional 27 shares during the period. Van ECK Associates Corp lifted its position in Targa Resources by 24.0% during the second quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after buying an additional 524 shares during the period. Ffcm LLC lifted its position in Targa Resources by 237.0% during the second quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after buying an additional 1,910 shares during the period. Finally, King Luther Capital Management Corp purchased a new position in Targa Resources during the first quarter worth about $228,000. Hedge funds and other institutional investors own 87.57% of the company’s stock.
Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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